- Cardano is struggling to deliver in 2024.
- Cardano has once again slid below $0.5 this year.
- ADA Whales swiftly supported the token and helped it recover.
Cardano recently faced a daunting descent as the hype surrounding the Bitcoin ETF settled down, erasing a significant portion of its December gains after it dipped below $0.5.
However, in a surprising twist, after sparking concerns among holders, ADA is back up from its fall and is looking stronger than ever, while rivals Bitcoin and Ethereum stall their recoveries.
Whales Come to Cardano’s Rescue, Again
After setting expectations high for 2024 with its remarkable 80% surge in December, Cardano is struggling to deliver in the new year as it retraces a significant portion of its gains, contrary to indicators suggesting a surge beyond its 2023 highs.
Sponsored
In the past week, Cardano experienced its second dip below $0.5, reaching $0.47 and causing concern among investors. However, like the first time, the Whales cushioned ADA’s fall again, helping it recover 10% over the weekend and pushing it back above $0.5 at press time.
During Cardano’s dip below $0.5, buying activity intensified among wallets holding at least 1 million ADA (approximately $550,000). Data reveals that the $0.47 to $0.49 range is favored by Whales, who accumulate in substantial amounts when ADA hovers around this level.
According to IntotheBlock, when ADA dropped below $0.5, Whale transactions surged to 7,000 from the typical 5,000. In a matter of days, these large wallets amassed over $14.34 million worth of Cardano, while retail investors offloaded their holdings out of fear that ADA might decline further.
On the Flipside
- Previously, when Cardano dipped below $0.5, Whales bought over $9 million worth of ADA.
- ADA is already down 20% this year.
Why This Matters
While Cardano’s bullish structure and investor confidence have taken a hit, the accumulation from larger wallets and the subsequent recovery could instill positive sentiments and confidence.
Sponsored
Will X support crypto in its new payments feature?
New 𝕏 Payments Account Stirs Speculations of Crypto Offerings.
Read more about Solana’s emergence as a stablecoin hub:
Solana Inks Record-High $300B Stablecoin Volume in January
